The industry is optimistic about the wider UK housing market, despite a stalling of mortgage approvals in October.
In the Bank of England’s latest Money and Credit release, net mortgage approvals for house purchases fell by 600 to 65,000 during the month.
At the same time, approvals for remortgages fell by 3,600 to 33,100.
This is the lowest level for remortgage approvals since February 2025.
Given how late the Budget was in the year, and the widespread reports of tax hikes that preceded it, many commentators had expected worse data from the central bank.
Jason Tebb, president at OnTheMarket, said only a slight decrease in approvals demonstrated “resilience and determination” from homebuyers and sellers alike.
“Although the Bank of England held base rate in November, this stability, following five base rate cuts over the previous 16 months, is boosting confidence,” he added.
“With another base rate cut expected, perhaps even this month, and with lenders trimming their mortgage pricing as they try to drum up more business before the end of the year, there is further good news for borrowers.”
Likewise, Propertymark CEO Nathan Emerson, said a decrease in mortgage approvals was to be expected given the pre-Budget speculation.
With the Budget having come and gone, Nathan stressed the need to focus on the bigger picture.
“It is now time to concentrate on ensuring the housing market is fully empowered for already anticipated population growth, via assembling a skilled workforce and supply chain to deliver on housing targets across each nation in what is already a demanding timeframe to achieve,” he added.
Also assessing the context of the post-Budget fallout, Shawbrook managing director of real estate Emma Cox believed that commercial property investors had a stronger outlook.
Pointing to the 2% increase on personal property income, Emma noted this would target “dinner party landlords” with small, individual portfolios.
“Many established investors have already structured their operations through limited companies, where the effects of these changes are significantly reduced,” she added.
“As a result, the new tax landscape is unlikely to hinder growth strategies for well-capitalised, business-led landlords who take a long-term, strategic approach to portfolio expansion.
“In fact, with reduced competition from smaller private landlords and ongoing demand for high-quality rental stock, 2026 could present a more favourable environment for professional investors looking to scale.”
